Crypto trading offers many options to traders because of its accessibility. But the cryptocurrency market has been experiencing turbulence for the past few months. Despite the instability, it remains competitive and btcusdt trading continues. Bitcoin and other cryptos are still attracting investors because of the optimistic forecasts of analysts.
Where to Trade BTCUSDT?
The fall in cryptocurrency prices has not overshadowed the interest in btcusdt among traders. In the hope of a resurgence in value, there is still plenty of trading going on around bitcoin. Traders are moving their chips in an effort to grow their portfolios in the short and long term. Bitcoin (BTC) is a compass for the cryptocurrency market, but its association with USDT, which is a stablecoin, offers more security. Btc/usdt trading is possible on KuCoin which offers unprecedented opportunities for btc trading. It even offers beginners the opportunity to trade without risking their investments, with trades starting at $1.
Deciphering the Fall in Bitcoin Prices
The value of Bitcoin has been falling since the beginning of the year. Despite the steep drop, the situation does not discourage traders who are aware of the volatility of this currency. The first cryptocurrency has gone from a record high of 64,900 USD in April 2021 to 17,501.20 USD at the moment. This is a more than 50% plunge that has dragged all other digital currencies into the abyss. The latter are paying a heavier price with considerable declines. In this unfavourable environment, companies in the field are even making massive layoffs.
The Bear Market period that crypto is experiencing is attributable to various factors, including the overselling of Bitcoin. Experts also point to inflation and the ongoing global economic recession. The poor posture of the technology market is also cited among the causes. The fall was reportedly precipitated by the cessation of withdrawals and transactions on the Celsius Network platform, which lacked liquidity. The debacle of Terra Luna and its stable coin UST following an attack also had a direct effect on bitcoin prices. The next monetary policy of the FED would also have caused the distrust of investors. The latter fear the setting of a higher-than-expected policy rate. It’s not the best time to consider profitability with crypto trading, but now is a good time to buy bitcoins with a dollar-cost-average strategy (DCA).
What does 2023 Promise for Cryptocurrencies?
All cryptocurrencies are in trouble for the moment. Insignificant rebounds have been noticed after the crisis has deepened, but these signals are too weak. Even if it dampens the ambitions of traders, observers are not optimistic for a definitive recovery in 2023. The global economic situation remains explosive, so the trend is likely to last for a few more months. The war in Ukraine and the hints of the health crisis are not helping the cryptocurrency market at all.
There is currently a massive sell-off of assets on crypto exchanges. People with well-filled portfolios before the crisis began want to reduce the risk of loss. This situation benefits new investors who take the opportunity to buy bitcoin while its value is falling. They hope to make a capital gain when the market recovers.
What is the Long-Term Outlook of Crypto?
In the immediate future, Bitcoin and other cryptocurrencies will not experience a significant rebound. Analysts in the field are unanimous on this prediction. But they do hold out hope for a long-term recovery. Indicators like Wallet Investor are banking on Bitcoin rising to $37,000 in 1 year. This is a far cry from the all-time high recorded by the cryptocurrency leader. Nevertheless, this rise represents about 90% of the current value and is close to its stable level (40,000 USD).
This is enough to encourage traders to take advantage of the increasing opportunities to sell at a loss. But these investments are risky even though the financial market in general is favourable to buying on the downside. Leveraging is the only maneuver to be avoided in order not to suffer considerable losses or at worst face a debt.
The Adoption of Blockchain Technologies
Like all cryptocurrencies, Bitcoin’s blockchain dispenses with intermediaries to facilitate transactions. At its peak, it has moved into traditional spheres. Major stock market institutions such as Goldman Sachs or JPMorgan Chase have even created departments dedicated to cryptocurrencies. This democratization has continued beyond the financial sphere.
Countries Adopting Blockchain
To facilitate access to the financial system, El Salvador had adopted Bitcoin as a legal currency in 2021 and became the first nation in the world to take this initiative. In April 2022, the Central African Republic followed suit in this Central American country. The Central African government ignored the IMF’s warnings by designating Bitcoin as the national reference currency. In addition to well-known cryptocurrencies, some countries have taken inspiration from Blockchain technology to create or consider their own electronic currencies.
Most notably, China has launched a digital version of the Yuan. According to the media outlet Capital, projects of this type are reportedly under consideration in the Eurozone, the US, South Africa, India, Pakistan and Thailand. The Central African Republic is also planning to launch the Sango soon to replace Bitcoin. Still on the subject of states, Ukraine accepted €100 million in cryptocurrency donations at the start of its conflict with Russia.
Businesses Adopting Blockchain
Bitcoin has also established itself as an alternative means of payment. Many companies accept transfers from customers to their electronic wallets. The best known is Tesla of American billionaire Elon Musk who is also in favour of Dogecoin; a currency based on the Blockchain. Other major companies such as Microsoft, Reddit, KFC Canada, Wikipedia or Virgin Galactic have adopted Bitcoin. This currency can be used to pay for various purchases in more than 15,000 locations around the world according to statistics from the site Coin map.